Startup health plan Enthea has raised $2 million in seed funding and is preparing to launch the nation's first employee benefit for psychedelic-assisted therapy in dozens of markets next year.
The funding round was led by Tabula Rasa Ventures and will support the launch of services in 40 markets by the end of 2023, according to a Dec. 6 news release shared with Becker's. Services will first launch in New York City, the San Francisco Bay Area and Austin, Texas.
Enthea says that since traditional payers are years away from offering similar coverage, the funding will also be used to grow its employer customer base and create a robust provider network. Its plans currently cover ketamine-assisted therapy, with plans to add MDMA- and psilocybin-assisted therapies if they receive FDA approval.
Enthea has already partnered with soap brand Dr. Bronner's, which is the country's first employer to add ketamine-assisted psychotherapy to its existing health plans.
"Through the creation of the country's first psychedelic healthcare provider network, Enthea is taking a big step in creating access to these new, evidence-based healing options," CEO and co-founder Sherry Rais said in the news release. "And as a workplace benefit, this treatment becomes affordable. Next year, most employers across the U.S. will be able to offer these innovative treatments, covered under insurance, for the first time."